Unemployment, this is the state of having no job, unemployment is a serious personal and social economic problem which is mainly caused by two reasons, lost incomes and production and the loss of human capital. Unemployment rate is high at the moment all over the world especially countries like United states of america where by the september unemployment rate this year is 7.8% which is still high though there is a decrease since august which was 8.1% unemployment rate is high in many countries especially right now where there are some countries like the UK facing a double dip recession and it is mostly due to the rate of unemployment.
The article that i will be discussing is about the unemployment of greece which has now hit records up to in 25% july, greece statistical authority reported that 1.2 million greeks were jobless in july this year and where by over 1000 people lost their jobs every day over the past years.
On the article the author is explaining on how the greece economy is now under recession mostly due to unemployment since in order for a country to have good economy , the citizens should work in order to get money and through that money they can be able to buy and sell goods at a nice price hence the economy gets boosted but the situation there is different the number of people losing jobs is too high. the unemployment rate is mostly influenced by the level of the real wage rate , where by the wage rate adjusts to make the quantity of labour demanded equal to the quantity supplied ,The price floor is when a government imposes regulation that makes it illegal to charge a price lower than a specified level, so when a minimum wage is imposed at the level above the equilibrium wage it creates unemployment so greece should try and set the minimum wage below the equilibrium wage in order to be able to reduce unemployment appearing rapidly.
Secondly on the article , they mentioned that the number that is mainly affected with unemployment is the young aged people from the age of 15 to 24 years of age, mostly this are the people that should have jobs since they are the ones with fresh and new ideas to bring, for example when hiring a company that sells a certain product its most likely to employ a person wit a young age compared to an old person since due to globalization and the use of new technology and social networks the younger generation is the one that is mostly affected , so they are the ones to know how to promote the product through social networks and blogs , compared to old aged people where they prefer using the old technologies , so greece should try and build more infrastructures like what barack obama did with united state of america so as to reduce the number of unemployment , so when they are building hospitals , road and railways stations ,public schools water and electricity supply it helps people get employment even though it is for some time through the building of those infrastructures but for example when hospitals are done then there will be employment opportunities like the nurse or the doctor and even the janitor but they will have employment hence the country’s economy will rise.
Lastly, on the article the author talked on how the greece economy is surviving through international bailouts, The BBC's correspondent in Athens, Mark Lowen, said: "The figures have bolstered the anti-austerity argument here, giving fuel to those who believe the entire strategy of Greece's international lenders is wrong, and that pressure for ever more cuts is pushing the country to breaking point and stunting growth.”, greece should try to reduce the loans and try focus on what the country has so that they can not end up with a double dip recession since the number of unemployment is very high compared to most countries especially if the youth are the ones affected a lot.
Conclusively, from the article it has been seen how the unemployment keeps rising and the greece government do nothing about it since they have borrowed enough loans from other countries that they can not do it anymore especially to a country like US whose economy is also not good and gives out loans to many countries .Also another suggestions it is through the increase of infrastructure as mentioned earlier that will help boost the economy for a certain percentage and there will not be a high percentage of unemployment like what that are facing now.
By Jacqueline Terry
No comments:
Post a Comment